Transcorp Power Reports N305.9bn Pre-Tax Profit, a 115% Increase.

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Transcorp Power Plc has announced a remarkable 115% increase in revenue to N305.9 billion for the 2024 financial year, up from N142.1 billion in 2023. 

The company’s latest audited results, released to the Nigerian Exchange (NGX), also revealed a 165% surge in profit after tax to N80 billion, compared to N30.2 billion in the previous year.

According to the company, the impressive growth is a testament to its strong operational leadership and strategic execution. Gross profit also rose significantly by 89% to N142.2 billion, up from N75.4 billion in 2023.

The company highlighted it’s improved financial stability, noting that its gearing ratio reduced significantly from 64.48% at the end of 2023 to 29.70% in 2024, following the complete repayment of its USD loan.

Return on assets increased to 20.17% from 13.53%, while return on equity grew to 63.19% from 52.25%, demonstrating efficient income generation from equity.

In a demonstration of its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share. This, combined with the interim dividend of N1.50k paid at half-year, brings the total dividend for the 2024 financial year to N5.00k per ordinary share.

Commenting on the results, Emmanuel Nnorom, Chairman, Transcorp Power, emphasized the company’s focus on stakeholder value. “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth. This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns.”

Chief Executive Officer, Transcorp Power, Peter Ikenga, attributed the results to the company’s strategic investments and deliberate focus on enhancing operational efficiencies. 

“Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.

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